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When it comes to your mortgage, you can decrease
your total interest paid by shortening your amortization period. Take
a look at the tables below to see how increasing your mortgage payment can shorten your amortization and reduce the interest paid.
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$100,000 Mortgage
Regular payments without additional payments |
|
Base period of amortization |
Base payment per month |
Total interest paid |
|
5 years |
$ 1,910 |
$ 14,607 |
|
10 years |
$ 1,085 |
$ 30,232 |
|
15 years |
$ 817 |
$ 47,075 |
|
20 years |
$ 688 |
$ 65,093 |
|
25 years |
$ 614 |
$ 84,226 |
|
30 years |
$ 568 |
$ 104,404 |
|
$100,000 Mortgage
Regular payments increased by 50% per month |
|
Base period of amortization |
Base payment per month |
Total interest paid |
|
5 years reduced by 1 yr. 8 mo. |
$ 2,865 |
$ 9,219 |
|
10 years reduced by 3 yr. 11 mo. |
$ 1,628 |
$ 17,710 |
|
15 years reduced by 6 yr. 4 mo. |
$ 1,226 |
$ 25,526 |
|
20 years reduced by 9 yr 2 mo. |
$ 1,032 |
$ 35,528 |
|
25 years reduced by 12 yr. 4 mo. |
$ 921 |
$ 38,650 |
|
30 years reduced by 15 yr. 11 mo. |
$ 852 |
$ 43,879 |
|
$100,000 Mortgage
Regular payments doubled per month |
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Base period of amortization |
Base payment per month |
Total interest paid |
|
5 years reduced by 2 yr. 7 mo. |
$ 3,820 |
$ 6,711 |
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10 years reduced by 4 yr. 7 mo. |
$ 2,171 |
$ 12,585 |
|
15 years reduced by 9 yr. |
$ 1,634 |
$ 17,628 |
|
20 years reduced by 12 yr. 6 mo. |
$ 1,376 |
$ 21,902 |
|
25 years reduced by 16 yr. 4 mo. |
$ 1,228 |
$ 25,454 |
|
30 years reduced by 20 yr. 5 mo. |
$ 1,136 |
$ 28,352 |
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Information
on this site is deemed accurate but not guaranteed.